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Not long ago, during World Cup, many tried watching it online live, but few succeeded. This time around, Wired helps you with a wiki (1) which you can modify yourself, but hopefully won't unless you have something worthwhile to add.
In the US you have NBC Olympics, UK has BBC Sports, Canada has CBC and Australia has Yahoo7. YouTube will also add 3 hours of highlights daily. Even mainland China & Macao have online coverage in CCTVOlympics.com
Obviously, most of these services are restricted by geolocation, so you'll have to use a proxy server if you want to trick them into thinking you're within their covarage area. There are also some p2p options, including the well known bittorrent tracker sites, as well as Veetle, Sopcast and TVU Networks.
What better way to learn the unwired ways than Wired.com? They even have advice on how to tap a phone landline (2) :)